Waterbank is a 6 hectare site on the Swan River. The precinct will become a prime waterfront destination, incorporating a blend of environmental, entertainment, commercial, retail and residential uses.

Lend Lease has signed an agreement to develop the $1 billion Waterbank urban renewal project in Perth, after being selected by the East Perth Redevelopment Authority as the preferred contractor. Lend Lease beat a competing proposal put forward by consortium Brookfield Multiplex Construction and Frasers Property Group in what was close competition for the development project.

Waterbank is a 6 hectare site on the Swan River at the eastern entry to the Perth CBD. The precinct will become a prime waterfront destination, incorporating a blend of environmental, entertainment, commercial, retail and residential uses. It will feature a natural beach area surrounded by public waterfront promenades and green open spaces including a large wetland area. The site will also include the construction of 600 residential apartments, up to 20,000 sqm of commercial office space and 4000 sqm of retail space, as well as a town square and a Hay Street Pier.

Head of Lend Lease's Australian operations, Mark Menhinnitt said “Waterbank is a major city-shaping initiative and is an important part of the ongoing evolution of Perth”.

HASSEL has been selected as architect to the project and has been involved in the project since 2008 when they were commissioned by the Metropolitan Redevelopment Authority to review the 2004 Riverside Master Plan to ensure the original objective and vision for the site remained valid. Angus Bruce, Principal Architect at HASSEL has said "Waterbank is a significant city-shaping initiative and we are thrilled to be able to join Lend Lease in guiding the design of this key transformational project for Perth."

The HASSELL and Lend Lease design brings the city to the river creating a vibrant waterfront community, offering visitors and residents a range of entertainment, commercial and residential uses in a unique waterfront location.